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Business expenses are any costs that are incurred in the operation of a business. This can include things like office supplies, advertising expenses, employee salaries, and travel expenses.
Generally, any expenses that are necessary and ordinary for the operation of a business can be deducted on taxes. This includes expenses for business travel, office rent, utilities, and supplies. However, certain expenses may have specific limitations or requirements for deduction.
Business expenses are typically reported on Schedule C of the personal tax return for sole proprietors, or on Form 1065 for partnerships. For corporations, business expenses are reported on Form 1120.
You should keep all receipts, invoices, and other documentation that support your business expenses. This includes bank statements, credit card statements, and cancelled checks. It is important to keep these records organized and easily accessible in case of an audit.
Yes, there are certain deductions and credits that may be available for certain types of business expenses. For example, the home office deduction may be available for those who use a portion of their home for business purposes. Additionally, there are credits available for certain types of expenses, such as research and development expenses or hiring certain types of employees.